rssBailed-Out Banks Hiring Foreign Professionals Over U.S. Workers
Sunday, February 01, 2009 at 11:47 am
- 15 Comments
The Associated Press has a fascinating story today about how the same U.S. banks that have received billions in bailout money have been taking advantage of U.S. immigration laws to hire foreign professionals instead of American workers, who would cost more.
The dozen banks receiving the biggest rescue packages, totaling more than $150 billion, requested visas for more than 21,800 foreign workers over the past six years for positions that included senior vice presidents, corporate lawyers, junior investment analysts and human resources specialists. The average annual salary for those jobs was $90,721, nearly twice the median income for all American households.
The hiring of foreign workers and companies as part of the proposed stimulus bill is likely to be a big issue, too. Notably, the stimulus bill that passed the house has some strict “buy-American” provisions, which would require U.S. companies contracting with the federal government as part of the stimulus package to use U.S.-made steel, iron and other raw materials. The provisions are facing steep opposition from the manufacturing lobby.
Just as the taxpayer money to support big banks and corporations ought to come with restrictions on executive pay, as Sen. Claire McCaskill (D-Mo.) proposed on Friday, Congress is going to have to address whether allowing U.S. companies to hire cheaper workers from overseas using taxpayer funds is really in keeping with the purpose of this multi-billion dollar effort to jump-start the economy and create more jobs for American workers.
15 Comments
Comment posted February 1, 2009 @ 12:27 pm
your perplexed because you are probably here on a H-1B visa………..moron !!!
Comment posted February 1, 2009 @ 2:46 pm
Of course, if we were dealing with ditch digging jobs, the WI would be calling opponents of importing ditch diggers a wide variety of names, starting with 'xenophobe” and getting worse.
But, when it involves importing white collar jobs, that's something the hacks at this Soros-funded site can sympathize with.
Too funny.
Comment posted February 1, 2009 @ 7:35 pm
The customer is always right. The truth of that well know axiom of customer service is not of course that the customer is always right (and if you have worked in customer service you've probably have your own collection of stories about moron and asshole customers. The truth is that the customer pays for the right to be right and if you are in the business of serving customers you better acknowledge that. In the bailout case the government is paying the bill and has the right to stipulate where you get your workers and materials from. If you don't like it find another customer who will accept your terms.
Comment posted February 2, 2009 @ 5:53 am
It's certainly easier to make up things and attribute them to your ideological opponents than it is to actually listen to what they have to day and respond substantively, isn't it?
Yr post is t3h fail.
Comment posted February 2, 2009 @ 5:57 am
The solution seems simple to me. If you want or have received TARP funding, you have to lose all your H1-Bs. You don't get taxpayer help if you don't help the tax base by providing American jobs. If you want to import a passel of Indian, German or Swedish dudes to do your programming and risk analysis, then perhaps you can go hat-in-hand to the Indian, German or Swedish governments and see if they'll provide your business a loan.
The abuse of the H1-B visa program is well-documented and has been going on for many years. This is clearly the time and place to bring a stop to those abuses.
Comment posted February 3, 2009 @ 12:41 pm
see comment above. do not mean to be rude…………..but??
Pingback posted February 3, 2009 @ 9:16 pm
[...] The Associated Press has a fascinating story today about how the same U.S. More [...]
Comment posted February 4, 2009 @ 11:58 am
As many Americans lost their jobs, it's understandable to have a tougher immigration policy. But there are a few professional fields such as nursing have a different story. The United States will require at least 1.2 million new RNs by 2014 to meet the nursing demand. This would include 500,000 RNs to replace RNs leaving the field, and another 700,000 to meet the growing demand for nursing care. In fact, the shortage of RNs and increased workload for current nurses is a threat to the quality of patient care. Because of the nursing shortage, facilities are unable to expand services or prepare for an emergency response. Sometimes, hospitals have been forced to close beds and wings at their hospitals due to the nursing shortage. U.S.-Educated Foreign Nurses would be one of solutions for the nursing shortage.
Comment posted February 4, 2009 @ 7:58 pm
As many Americans lost their jobs, it's understandable to have a tougher immigration policy. But there are a few professional fields such as nursing have a different story. The United States will require at least 1.2 million new RNs by 2014 to meet the nursing demand. This would include 500,000 RNs to replace RNs leaving the field, and another 700,000 to meet the growing demand for nursing care. In fact, the shortage of RNs and increased workload for current nurses is a threat to the quality of patient care. Because of the nursing shortage, facilities are unable to expand services or prepare for an emergency response. Sometimes, hospitals have been forced to close beds and wings at their hospitals due to the nursing shortage. U.S.-Educated Foreign Nurses would be one of solutions for the nursing shortage.
Comment posted November 26, 2009 @ 7:15 am
The taxpayer fund is really jump-start the economy and create more jobs for American workers.
Comment posted November 26, 2009 @ 11:32 am
The taxpayer is helpful for big banks and corporates. It returns the economy and to create more jobs for Americans.
Comment posted December 1, 2009 @ 1:59 pm
The taxpayer is helpful for big banks and corporates and create more jobs for American workers.
Comment posted December 1, 2009 @ 6:59 pm
The taxpayer is helpful for big banks and corporates and create more jobs for American workers.
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.
